Edelweiss Asset Reconstruction Company Limited, acting as trustee of EARC SC 30, filed an appeal against the order dated August 10, 2021, passed by the Adjudicating Authority (National Company Law Tribunal, Court 5, Mumbai Bench) in C.P. (IB)-1166/MB/2020. The Adjudicating Authority had dismissed Edelweiss's Section 7 application under the Insolvency and Bankruptcy Code, 2016, stating it was barred by limitation. The appeal challenges this dismissal.
Edelweiss Asset Reconstruction Company Limited, as trustee of EARC SC 30, filed a Section 7 application under the Insolvency and Bankruptcy Code (IBC) against Perfect Engine Components Pvt. Ltd. The Adjudicating Authority (NCLT, Mumbai Bench) dismissed the application, deeming it barred by limitation. The initial default was claimed to have occurred on 31.03.2009/28.06.2012. Edelweiss argued that the Corporate Debtor acknowledged the debt through restructuring packages sanctioned on 07.11.2014 and 30.06.2017, and balance sheets for financial years 2014-15 to 2018-19. The first restructuring package was revoked on 22.09.2016. A recovery certificate was issued by DRT Pune on 22.11.2016. Consent terms were filed before DRT-I, Mumbai, on 10.10.2017. The second
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Edelweiss Asset Reconstruction Company Limited, acting as trustee of EARC SC 30, filed an appeal against the order dated August 10, 2021, passed by the Adjudicating Authority (National Company Law Tribunal, Court 5, Mumbai Bench) in C.P. (IB)-1166/MB/2020. The Adjudicating Authority had dismissed Edelweiss's Section 7 application under the Insolvency and Bankruptcy Code, 2016, stating it was barred by limitation. The appeal challenges this dismissal.
Edelweiss Asset Reconstruction Company Limited, as trustee of EARC SC 30, filed a Section 7 application under the Insolvency and Bankruptcy Code (IBC) against Perfect Engine Components Pvt. Ltd. The Adjudicating Authority (NCLT, Mumbai Bench) dismissed the application, deeming it barred by limitation. The initial default was claimed to have occurred on 31.03.2009/28.06.2012. Edelweiss argued that the Corporate Debtor acknowledged the debt through restructuring packages sanctioned on 07.11.2014 and 30.06.2017, and balance sheets for financial years 2014-15 to 2018-19. The first restructuring package was revoked on 22.09.2016. A recovery certificate was issued by DRT Pune on 22.11.2016. Consent terms were filed before DRT-I, Mumbai, on 10.10.2017. The second
…Claimed date of…
SBI executed the…